REG - Adsure Services PLC - Final Results for the year ended 31 March 2024
29/07/2024 10:30
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RNS Number : 1913Y Adsure Services PLC 29 July 2024
29 July 2023
Adsure Services PLC
("Adsure Services", "the Company ")
Final Results for the year ended 31 March 2024
Adsure (AQSE:ADS), the holding company for TIAA Limited (together "the
Group"), a specialist business assurance provider operating across the
Housing, Healthcare, Government, Education, Charities, and other sectors, is
pleased to announce its inaugural consolidated final results for the year
ended 31 March 2024.
The Group offers a wide range of services through its two operational
divisions, Risk & Assurance and Risk & Advisory. TIAA Limited has been
providing business assurance services for over 20 years.
Financial Highlights
• Listed on the Aquis Stock Exchange;
• Total Revenue of £9.3M (2022/23 - £8.99m);
• Removal of encumbered asset charge;
• 72% increase in profit before taxation to £471K
(2022/23 - £274K);
• Cash balances remain strong at 31 March 2024 at £1.067M
(2022/23 - £1.859M);
• Earnings before Interest, Tax, Depreciation and
Amortisation (EBITDA) of £876K (2022/23 - £657K) an increase of 33%;
• EBITDA margin of 9.4% in 2023/24 (7.31% in 2022/23).
Operational Highlights
• Successfully delivered objectives set in the first year
of the new Corporate Plan for 2023/24 - 2027/28;
• Restructured our Corporate Services functions for more
efficient and effective back-office services;
• Implemented a sector led approach to business
development;
• Expansion of our Advisory Practice with significant
awareness raised of our brand;
• Awarded an Innovate UK grant to develop our Artificial
Intelligence (AI) capabilities to assist our current and prospective clients
with improved service delivery through maximizing use of data;
• Outsourced our ICT functions, removing the single point
of failure and significantly enhancing our technological capabilities;
• Our principal trading entity, TIAA Limited, became a
certified B-Corporation demonstrating our inherent social value within our
business model and that we meet the highest levels of social and environmental
performance.
Kevin Limn, CEO of Adsure Services, commented:
"We saw growth across all of our four key industry groups driven by strong
customer relationships and a growing range of services, enabling us to
increasingly meet our client's complex internal audit and business assurance
demands.
"Our growth strategy is underpinned by three defined objectives; to achieve
organic growth, enter new markets, and enhance our technological capabilities.
"Our outlook is promising, and we have excellent visibility over our revenue
in the years to come due to the long-term nature of our contracts, which
deliver us recurring revenues. We look forward to expanding our relationships
with existing customers by providing them with additional services, while
welcoming new customers. We are identifying new markets and expect to execute
plans to enter these markets in the upcoming period.
"As part of our drive to improve efficiencies across the business, we have
deployed an Innovate UK grant to develop proprietary Generative AI Large
Language Model (LLM) technology specifically designed to enhance outcomes for
our customers across government-funded organisations, including housing
associations, healthcare services, emergency services, local governments and
education institutions.
"TIAA Ltd has a history of paying dividends, and Adsure Services was
delighted to recognise our investors with the payment of our maiden 0.49p per
share dividend as an AQUIS-listed company in April, and we will continue to
recognise long-term shareholders through the proposed increased final
dividend of 0.99p per share to be paid later this year, subject to approval at
our AGM on 9 October 2024."
"Our full-year results demonstrate the hard work and commitment of the TIAA
Ltd team. I want to thank the entire Adsure Services and TIAA Ltd team for
their diligence over the past year."
Vicky Davies, CFO of Adsure Services, commented:
"I'm delighted to report another year of growth for Adsure Services and TIAA
Ltd. Revenue for 2024 grew 3.4% to £9.3m (2023FY: £8.99m) and profit before
taxation increased 72% to £471k (2023FY: £274k). Demonstrating action in
cost control, our EBITDA margin improved to 9.4% (2023FY:7.31%).
"We have started the year strongly and will maintain our prudent approach to
managing costs."
A copy of the accounts is available through the 'News' section of our website
www.adsureservicesplc.co.uk
ABOUT ADSURE SERVICES
Adsure Services PLC is the holding company for TIAA Ltd, a specialist in
providing dynamic support to organisations in navigating the complex world of
strategic risks.
Adsure Services' portfolio of advisory and assurance services is tailored to
align with key economic risks impacting the business world. Through its
wholly-owned subsidiary, TIAA ltd, Adsure Services provides internal audit,
anti-crime, security management, IT audit, cyber assurance and advisory
services.
Adsure Services PLC
Kevin Limn, Chief Executive Officer
T: +44 (0) 845 300 3333
E: enquiries@adsureservicesplc.co.uk
Guild Financial Advisory Limited - Corporate Adviser
Ross Andrews
Evangeline Klaassen T: +44 (0)7973 839767
E: ross.andrews@guildfin.co.uk
T: +44 (0)7972 841276
E: evangeline.klaassen@guildfin.co.uk
Redchurch Communications - Financial PR & IR
John Casey / Nicky Bagheri
T: +44 (0) 207 7870 3974
E: ads@weareredchurch.com
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